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Insurer distributes N109 million surplus to policyholders

By Bankole Orimisan
27 June 2022   |   2:10 am
Determined to deepen insurance acceptance, Noor Takaful Insurance Limited has distributed over N109 million as a surplus to its policyholders, who did not make claims on their insurance in the 2020 financial year.

Noor Takaful

Determined to deepen insurance acceptance, Noor Takaful Insurance Limited has distributed over N109 million as a surplus to its policyholders, who did not make claims on their insurance in the 2020 financial year.

The surplus payment, according to the underwriter, came as a result of the win-win insurance model operated by the insurer. The chairman of the underwriter, Muhtar Bakare, said out of the total sum of N109, 846,000 the General Takaful participants are to get the sum of N74, 121,000 while Family Takaful participants will receive N35, 725,000.

Bakare described the distribution as an affirmation of the efficacy of offering modern financial services to Nigerians who were previously excluded from the formal economy, saying this would help them to achieve reasonable economic stability.

The chairman assured participants that the company remains committed to proactively taking necessary steps, including raising adequate capital and prudent underwriting to cover their risks.

“We have all the resources we need and the corporate governance structure to ensure that we continue to meet all our obligations as they fall due. It is pertinent to note that in 2021, we paid over N1.9 billion in claims, with a claims ratio of 22 per cent – one of the best, if not the best, in the entire insurance industry”, he said.